Global Handheld Ultrasound Devices Market: Overview
Ultrasound devices enable physicians to generate images of internal organs of a patient’s body to diagnose an ailment. These devices also help surgeons to guide the movement of surgical instruments during a surgery. Handheld ultrasound devices are smaller than cart-based ultrasound devices and hence, these move conveniently from one place to another during complex medical procedures such as abdominal and heart surgeries. These enable imaging in point-of-care settings for patients suffering from traumatic injury or abdominal pain caused by gallbladder blockage or gallstone. Ultrasound devices provide immediate imaging as these can be taken to the patients instead taking them to the ultrasound room, which reduces the total time taken for imaging. Moreover, handheld ultrasound devices feature crystal-to-patient technology that allows better penetration of ultrasound waves and produces a clear and sharp echo that results in precise images.
Global Handheld Ultrasound Devices Market: Key Trends
The global handheld ultrasound devices market is driven by the rise in prevalence of ailments such as cancer, endocrine, gastrointestinal, neurological disorders, and heart diseases. According to the World Health Organization (WHO) estimates, cardiovascular diseases (CVD) accounts for 9.4 million deaths globally each year. The number is likely to increase to 23.3 million by 2030. Hence, demand for handheld ultrasound devices for diagnosing various CVDs is increasing, as it provides superior quality of images. Rise in the number of patients suffering from pulmonary artery related disorders is expected propel the demand for handheld ultrasound devices. According to WHO, around 8.3 million people succumb to cancer each year, with 70% new cancer cases expected to be reported over the next 20 years. Each type of cancer requires a unique treatment. Hence, increasing prevalence of cancer and demand for cancer diagnosis are expected to fuel the handheld ultrasound devices market during the forecast period. Additionally, technological advancements in health care is expected to boost the market during the forecast period. Rise in geriatric population is projected to boost the global market during the forecast period. Surge in the population suffering from tuberculosis is likely to propel the demand for handheld ultrasound devices, as these are extensively employed in low and middle income countries such as India, and China. However, lack of awareness about handheld ultrasound devices, high cost of these devices, and limited availability are expected to restrain the global handheld ultrasound devices market in the next few years. Government funding in emerging countries is expected to create lucrative opportunities in the market during the forecast period.
Global Handheld Ultrasound Devices Market: Segmentation
The global handheld ultrasound devices market can be segmented in terms of technology, application, end-user, and region. Based on technology, the market can be bifurcated into 2D handheld ultrasound scanners and 3D handheld ultrasound scanners. In terms of application, the handheld ultrasound devices market can be segregated into oncology, neurology, cardiology, and others. Based on end-user, the market can be divided into hospitals, diagnostic centers, ambulatory surgical centers, and others.
Global Handheld Ultrasound Devices Market: Regional Analysis
In terms of region, the global handheld ultrasound devices market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018 owing to the presence of a well-developed health care system. Europe constituted a large share of global market in 2018. Asia Pacific accounted for a large share of the global market in 2018 due to technological advancements in health care, rise in population, increase in geriatric population, and surge in the number of ultrasound diagnostic procedures performed every year, especially in China and India.
Global Handheld Ultrasound Devices Market: Competitive Landscape
Key players operating in the global handheld ultrasound devices market include GE Healthcare, Siemens Healthineers, Samsung Group, Philips Healthcare, Clarius Mobile Health, Fujifilm SonoSite, Inc., Signostics Limited, Meditech Equipment Co.,Ltd, Teratech Corporation, and Healcerion Co., Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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